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24-month rule for travel and subsistence explained

By |January 13th, 2020|Categories: Blog, Contracting, Finance, Top Tips|Tags: , , , , |

Being a director of a limited company, entitles you to claim for legitimate expenses that relate ‘wholly, exclusively and necessarily for the running of the business.’ A full list of allowable business expenses is available in our Expenses Guide. Included on this list are travel and subsistence expenses. But it may not come as a surprise to know that there [...]

Did you know you can claim these as a business expense?

By |January 2nd, 2020|Categories: Blog, Finance|Tags: , , , , |

At the last count, unclaimed business expenses cost UK small businesses a whopping £238 million each year. That’s a lot of money that could be lining small business owner’s pockets. We constantly remind the contractors we work with to claim for everything they’re allowed to because expenses are off-set against the profit they pay Corporation Tax on. So, now you [...]

Can you claim your Christmas party as a business expense?

By |December 23rd, 2019|Categories: Blog, Top Tips|Tags: , , , |

Christmas is a great time for celebrating and reflecting on your achievements over the last year. Contractors often ask us if they can claim the cost of a Christmas ‘do’ as an allowable business expense. The good news is that ‘Yes’, you can, but of course there are some criteria that must be met. If you need a reminder of [...]

How do Director’s Loans work?

By |December 17th, 2019|Categories: Blog, Top Tips|Tags: , , , , |

HMRC classes a Director’s Loan to be “money that is taken from the company that isn’t either a salary, dividend or expense repayment, or money that you’ve previously paid into or loaned the company.” A Director’s Loan can be useful if you’re cash-short or for some reason, you find yourself with a large number of expenses. You can, in fact, [...]

How are Director’s Loans taxed?

By |December 9th, 2019|Categories: Blog|Tags: , , , , |

A Director’s Loan can be taken when you need money to cover a personal expense, or if you need to purchase a new piece of work equipment, for instance. In fact, there are no rules detailing what the money can be used for, but there are strict rules governing what taxes are due on a Director’s Loan. For a full [...]

Everything you need to know about Director’s Loan

By |December 2nd, 2019|Categories: Blog, Contracting, Top Tips|Tags: , , , , |

Being a director of a limited company comes with lots of responsibilities. One aspect of the role, which sometimes gets played down, is understanding the myriad of complex rules and legislation that come with running a limited company. A Director’s Loan is one of these complicated pieces of legislation that director’s need to be familiar with.  Don’t panic if you [...]

Social media and your IR35 status

By |November 26th, 2019|Categories: Blog|

IR35 status is a major concern for most contractors, as depending on where your fall, i.e. ‘inside or outside’, determines what taxes you’ll pay. Status determination is based on satisfying several conditions, specifically; Direction and Control, Right of Substitution and Mutuality of Obligation, and other factors including equipment, risk, payment, integration, exclusivity and business. How these conditions affect the determination [...]

What to expect from an HMRC IR35 inspection

By |November 12th, 2019|Categories: Blog, Contracting|Tags: , , , , |

It’s hard to say how many IR35 inspections HMRC undertakes each year, but figures place it between 250 -1000+. If you need a refresher on what IR35 is and how it can affect you as an independent contractor, then everything you need to know can be found in our ‘Ultimate Guide to IR35’ Being the target of an HMRC IR35 [...]

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